Time to put lottery to work for people

By Gene Poore

Published: Friday, February 1, 2013 at 04:16 PM.

As stated before, I possess neither the legal expertise nor financial training to offer suggestions on how to institute the following proposal; nonetheless, why can’t the lottery remain progressive but capped at a set amount for the lottery winner? Let’s be generous and say $10 million. Is there anyone working for a normal wage unable to live and recreate on a windfall $10 million? Without a winner, any money delivered to the prize over that $10 million cap slides directly into the N.C. Education Fund instead of being added to the prize. Once there is a winner, the process starts over until it reaches that predetermined cap and then again any money over that cap transfers directly into a legally protected, continually growing N.C. Education Fund — ad infinitum.

Using this system, the January drawings mentioned above could have contributed around $199-plus million to the N.C. Education Fund. Using this system, the North Carolina Education Lottery would more closely accomplish its purpose.

Once this lottery modification is established, any North Carolina school district with a certified financial need can apply to the N.C. Education Fund. The NCEF then delivers the money to the school district, pays the one-time bill or makes the necessary school bond-like payments. If the NCEF decides, in their wisdom, that the school district seeking financial assistance doesn’t qualify for a particular proposal, neither should we citizens be tapped for any suggested school bond as their secondary source.

I am not a legal eagle. I am not trained in financial affairs. I do not gamble.

My children have advanced to the top step of knocking on the door to Medicare, so I haven’t had that particular dog in the school-bond fight for many moons; however, like many retirees, I still have a dog in the fight against property taxes raised again to tap into our fixed retirement income.

I will not reiterate the untimely school-bond proposal offered prior to and despite the advertised military drawdown. I will not beat to death the we-are-taxed-enough horse.

I only ask, like others have asked in previous letters: What happened to the state lottery contributions promised to bolster the coffers of the North Carolina education fund? What percentage of the lottery sales enters the N.C. education fund?

Of course, those questions can be answered by research, but the big question in my mind is, why do some of the top lottery prizes remain progressive? For example, the N.C. Education Lottery Web page advertises the Mega Millions Lottery for one January drawing offers a jackpot estimated at $89 million for any lucky winner(s). Compare that to the North Carolina Power Ball estimated jackpot of $130 million. Of course, if no one wins the top prize, more money is added for the next drawing — ad infinitum — why?

Why does any state lottery winner need to collect an $89-plus million, a $130-plus million or any of those insane mega-million money piles we often see advertised? Don’t state and federal income- tax collectors reap about two-thirds of those mega-type prizes? What benefit does that provide to the lottery winner or the possible full benefit to the state’s education fund?

As stated before, I possess neither the legal expertise nor financial training to offer suggestions on how to institute the following proposal; nonetheless, why can’t the lottery remain progressive but capped at a set amount for the lottery winner? Let’s be generous and say $10 million. Is there anyone working for a normal wage unable to live and recreate on a windfall $10 million? Without a winner, any money delivered to the prize over that $10 million cap slides directly into the N.C. Education Fund instead of being added to the prize. Once there is a winner, the process starts over until it reaches that predetermined cap and then again any money over that cap transfers directly into a legally protected, continually growing N.C. Education Fund — ad infinitum.

Using this system, the January drawings mentioned above could have contributed around $199-plus million to the N.C. Education Fund. Using this system, the North Carolina Education Lottery would more closely accomplish its purpose.

Once this lottery modification is established, any North Carolina school district with a certified financial need can apply to the N.C. Education Fund. The NCEF then delivers the money to the school district, pays the one-time bill or makes the necessary school bond-like payments. If the NCEF decides, in their wisdom, that the school district seeking financial assistance doesn’t qualify for a particular proposal, neither should we citizens be tapped for any suggested school bond as their secondary source.